Upholstered Furniture Market by Demand, Business Outlook and Trends 2022-2030

The Upholstered Furniture Market size was valued at 48.50 billion in 2021 and is predicted to reach 78.06 billion by 2030 with a CAGR of 5.4% from 2022-2030. Among the global furniture industry, upholstered furniture is one of the fastest growing segments. Also, significant increase in purchasing power of consumers has primarily led to the development of this market. Moreover, this type of furniture may be stationary or movable, made with cushions and is stuffed or filled in whole or in part which is hidden/concealed by fabric or any of the other covering.

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Competitive Landscape

The upholstered furniture market comprising of various market players such as are Rowe Furniture, England Furniture, DFS Furniture PLC, Norwalk Furniture, Lee Industries, Inc., Hooker Furniture, Ashley HomeStores Ltd., Mayo Manufacturing Inc., Palliser Furniture Upholstery Ltd., and Sherrill Furniture. The market players adopt various strategies such as product launch, product development, partnership, collaboration, and agreements to influence the market growth. For instance, in December 2020, Ikaigai, a multi-brand contemporary furniture company, launched its store in India with an aim to deliver high quality furniture in Indian market. With its emphasis on style and comfort, Ikaigai has brought a wide selection of design styles and aesthetics under one roof. Hence, demand for luxury and premium furniture drives growth of the global furniture market.

Market Dynamics and Trends

Growth of the upholstered furniture market is mainly driven by a number of factors such as increased import and export of luxury & comfortable wooden furniture among the countries, need of less capital investment for an upholstered furniture factory and proliferation of e-commerce or online shopping industry. In addition, the government of various developing and developed countries are also investing in infrastructure development to enable the economic development of the nation. Which in turn is further fueling the market growth. For instance, China has formulated 14th Five-Year Plan (2021-2025), a well-calibrated layout for the development of new infrastructure to boost domestic demand, economic transformation, and growth sustainability. In addition to this, the country has planned $30 billion investment in Tibet to ramp up the infrastructure in next five years. Such infrastructure development plans are projected to create lucrative growth opportunities for the upholstered furniture market in the future.

However, lack of skilled labor and uncertain economic environment may hamper growth of the market to some extent. On the other hand, rise in demand for space saving and intelligent furniture is expected to create lucrative growth opportunities for the market players during the forecast period.

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Market Segmentations and Scope of the Study:

The upholstered furniture market is segmented on the basis of type, price range, distribution channel, end use and geography. On the basis of type, the market is divided into chair, sofas, table, beds and other types. On the basis of price range, the market is classified into mass and premium. On the basis of distribution channel, the market is categorized into supermarket/hypermarket, specialty stores, online channels and others. On the basis of end use, the market is segmented into residential and commercial. Commercial market is sub-seg mented into restaurant, luxury hotels and office spaces. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

Asia Pacific holds the lion share of upholstered furniture market at present and is expected to boost the market during the forecast period. This is attributed to factors such as increasing usage of upholstered furniture in luxury hotels, restaurants and hotels spaces. China is the largest producer of fabrics along with being the largest exporter of upholstered furniture in the world boosts the market growth in this region.

However, Europe is expected to show a steady rise in the upholstered furniture market due to the rapidly increasing adoption of upholstered furniture in residential apartments to enhance furnishing along with changing lifestyles of people and upgradation in modern furnishing techniques in this region. Moreover, presence of major key players such as England Furniture incorporated and DFS Furniture Plc boosts the market growth in this region.

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